Exeter Resource, Goldcorp enter agreement to proceed with acquisition
Exeter Resource (XRA) has entered into an arrangement agreement with Goldcorp (GG) pursuant to which Goldcorp has agreed to acquire all common shares of Exeter not already owned by Goldcorp by way of a plan of arrangement.
The arrangement, which is subject to the approval of the holders of Exeter, will constitute the subsequent acquisition transaction proposed by Goldcorp in order to acquire all Exeter shares it did not acquire under its offer to purchase dated April 20.
Goldcorp currently owns a total of roughly 78M Exeter Shares, representing approximately 83.16% of issued and outstanding Exeter shares.
A special meeting of Exeter shareholders has been called for July 31 to consider, and if thought advisable, pass a special resolution in relation to the arrangement.
The consideration payable under the arrangement is the same as the consideration received by Exeter shareholders under the offer. Exeter shareholders will be entitled to receive 0.12 of a Goldcorp share for each Exeter share.
Closing of the arrangement is expected to take place on or about August 2. At that time, Exeter will become a wholly-owned subsidiary of Goldcorp, the Exeter shares will be delisted, and Exeter will apply to cease to be a reporting issuer.
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